Chief Investment Officer Ina Drew, who headed the trading unit, has already resigned since the bank’s massive loss from a failed hedging strategy was made public last Thursday, and two further resignations by senior executives are expected this week.

Barclays' Ricci said an overly rapid response by bank regulators could result in differing regulatory systems around the world, meaning banks might simply head elsewhere to perform certain trades.

“We have got to have unified regulation around the world to make sure it is a level playing field, so we don’t have this regulatory arbitrage around trades that are uneconomic from a UK bank’s perspective being executed by banks in other parts of the world. I think that’s a danger to the system,” Ricci told CNBC’s "Worldwide Exchange" on Monday.

Barclay's Ricci: We Need Unified Regulation Around the World

Rich Ricci, Co-CEO of Corporate and Investment banking at Barclays, told CNBC, "That type of trade (JPM) couldn't exist in a UK bank under the Basel III rules, what we have here is different regulatory regimes being implemented at different speeds. We have got to have unified regulation around the world to make it a level playing field."

“What I’d hate to see is just a knee-jerk reaction around the Dodd-Frank Act , around the specifics of the Volcker Rule,” he added.

Speaking earlier on NBC’s "Meet the Press," JPMorgan CEO Jamie Dimon said: “In hindsight we took far too much risk. The strategy we took was barely vetted, barely monitored. It should never have happened.”